Product Details
बैंक का नाम
State Bank of India
Maximum Loan Tenure
15 Years
अधिकतम ऋण राशि
1.5 Crores
ब्याज दर
The effective rate of interest would be 11.15% per annum. The rate type would be floating depending on the reference rate.
शिक्षा ऋण का उद्देश्य/क्षेत्र
You can transfer your existing education loan to SBI.
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SBI Takeover Of Education Loan
पुनर्भुगतान चक्र
Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution
मुहलत
-
न्यूनतम CIBIL स्कोर
Not mentioned
Co-Borrower Required
-
आवश्यक संपार्श्विक
The collateral security acceptable to the bank to be minimum 100% of the value of the proposed loan*.
फीस एवं प्रभार
Processing Fee: INR 0. Pre-Payment Penalty: INR 0, Late Payment Charges: INR 0. Penal Interest: 2% above the applicable interst rate.
Fees and Charges
विशेष लक्षण
Lower interest rate in comparison to other banks.
पात्रता मापदंड
Loan to be a fresh (first-time) takeover The student-borrower should be a major at the time of switch over The loan should have been fully disbursed at the time of takeover Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution
विशेष रियायत
0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank and 0.50% concession for girl students.
विशेषताएं, पात्रता और रियायत
पेशेवरों
Low interest rate in comparison to majority of private banks. Loan up to Rs. 1.50 Crores. The repayment process is made easier with the option of Equated Monthly Installments (EMI) spanning up to 15 years. Lloan approval, even prior to obtaining their i20/Visa, facilitating timely preparations for studying abroad. Loan qualifies for tax deductions under section 80(E).
Cons
As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.
पक्ष विपक्ष
HDFC Credilia USA Education Loan
HDFC Credila USA Education Loan can be a consideration, especially if you can qualify for an unsecured loan and get a competitive interest rate. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, mixed reviews, and lack of advertised interest rates require careful exploration.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
उत्पाद समीक्षा
पक्ष विपक्ष
आवेदन कैसे करें?
You can apply through SBI Takeover Loan's website.
आवश्यक दस्तावेज़
• Completely filled-in Loan Application Form • 2 passport size photographs • PAN Card of the student and Parent/ Guardian / other co-borrower • Aadhaar Card of the student and Parent/ Guardian/ other co-borrower • Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms) • Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill) • bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months • IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee) • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrowe Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower